The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more
Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more
The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more
The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems....more
The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more
12/22/2023
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banks ,
Car Dealerships ,
Cars ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Financing ,
Payment Terms ,
Unfair or Deceptive Trade Practices
The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of...more
Businesses should be aware that the Biden administration continues its attempt to curb junk fees, with additional actions proposed by the Federal Trade Commission and Consumer Financial Protection Bureau....more
The Consumer Financial Protection Bureau (CFPB) released a second iteration of its Policy Statement on Abusive Acts and Practices (Policy Statement) on April 3, 2023, giving insight into its current thinking on the...more
The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more
The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged...more
For the second time in a month, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would require businesses to report already public information and thereby increase the burdens on, and risks to, the...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed a registry in which certain nonbank financial institutions must deposit copies of certain federal, state, and local orders. The proposed rule would also...more
By a 4-1 vote on June 23, 2022, the US Federal Trade Commission (FTC) issued a notice of proposed rulemaking that is squarely aimed at changing the way dealers interact with customers in the automotive financing process, with...more
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its Spring Supervisory Highlights summarizing findings from supervisory exams it conducted between July and December 2021. The CFPB has made various...more
On January 5, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report detailing consumer complaint deficiencies by the national credit reporting agencies (NCRAs). Specifically, the CFPB found that, in 2021,...more
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a Statement of Policy (Statement) on March 8 making it clear that going forward it will exercise its full authority to penalize covered persons found to have...more
Consumer Financial Protection Bureau (CFPB) Acting Director David Uejio has put a special focus on the manner in which responses are made to the CFPB’s consumer complaint system. Signaling the importance of this issue by...more
Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more
2/9/2021
/ Biden Administration ,
CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Guidance ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Racial Bias ,
Regulatory Oversight
It’s clear that President Joe Biden’s approach toward consumer protection and financial services enforcement will differ from that of his predecessor. In addition to general housekeeping matters, such as replacing and hiring...more
The Consumer Financial Protection Bureau (Bureau or CFPB) on January 13 issued a Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (Statement) ...more
The five federal banking agencies (Federal Reserve, CFPB, FDIC, NCUA, and OCC – collectively Agencies) issued a proposed rule on October 20 on the role of supervisory guidance. The proposal codifies and expands upon a 2018...more
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement on October 5 establishing a process to allow for early termination of consent orders. The policy statement is applicable on October 8, 2020....more
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Consumer Financial Protection Bureau (CFPB or Bureau) certain data...more
9/17/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The US Supreme Court on June 29 ruled in Seila Law v. Consumer Financial Protection Bureau that the Consumer Financial Protection Bureau’s (CFPB’s) structure unconstitutionally insulates the agency from presidential oversight...more
On June 18, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule to launch a new pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing...more